COLUMBUS— Cummins Inc., the Columbus-based engine manufacturer, has announced record-breaking financial results for 2024, reporting new highs in revenue, net income, and earnings before interest, taxes, depreciation, and amortization (EBITDA). The company issued quarterly and annual reports yesterday, revealing a strong year of growth despite some challenges.
Jennifer Rumsey, Cummins’ Chair and CEO, highlighted the company’s progress in advancing its Destination Zero strategy, which focuses on achieving zero emissions in its products. However, she acknowledged that “the adoption of certain zero-emissions solutions has slowed in some regions around the world,” affecting overall growth.
For 2024, Cummins reported total revenue of $34.1 billion, a slight increase from $34.065 billion in 2023, marking a record year for the company. Operating expenses were down, and operating income rose, contributing to a significant increase in net income, which reached $3.9 billion in 2024 compared to $735 million in 2023. The prior year’s revenue had been impacted by a $2 billion settlement from a federal government lawsuit and an additional $100 million related to the separation of Cummins’ filtration business.
In the 4th quarter of 2024, the company posted revenues of $8.4 billion, down about 1 percent from the same period in 2023. Sales were flat in North America, while international revenues saw a 3 percent decline compared to the previous year.
Cummins is forecasting a potential revenue range for 2025 that could decrease by 2 percent to an increase of 3 percent year-over-year. Despite market challenges, the company remains focused on its growth strategy and continued innovation in engine technology and sustainability.
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